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Many countries have value-added taxes-taxes that are paid by producers, but are intended to fall on consumers. (They're basically just an indirect way of imposing sales taxes.) Such value-added taxes are always accompanied by an equal tax on imports; such import taxes are considered legal because like the value-added tax, they're really an indirect way of taxing all consumer purchases at the same rate. Compare this situation to the argument over carbon tariffs. Why might defenders argue that such tariffs are legal? What objections can you think of?
Suppose that China catches up with American productivity so that Chinese worker can produce 100 shirts or 20 computers. What pattern of trade would you predict now How does this advance in Chinese productivity affect the economic well-being of the..
The same publication has a table entitled "Table B14. Advanced Economies: Current Account Transactions." The Advanced countries are the United States, Germany, France, Italy, Spain, Japan, the United Kingdom, and Canada. Use this table to list the..
Alpha and Beta, two tiny islands off the east coast of Tricoli, produce pearls and pineapples. The production-possibilities schedules in the table below describe their potential output in tons per year. (a) What is the opportunity cost of pearls on..
Economan has been infected by the free enterprise bug. He sets up a firm on extraterrestrial affairs. The rent of the building is $4,000, the cost of the two secretaries is $40,000, and the cost of electricity and gas comes to $5,000.
Suppose the Farsighted Forecasting Group, an organization of private economists, predicts that the output gap will fall by 4 percent over the next year. According to Okun's Law, by how much is the unemployment rate likely to rise?
Argue without solving this problem that there exists a unique value function V (k) and a unique policy rule c = π(k) determining the level of consumption as a function of the level of capital stock.
If the MPC in the traditional model is .8 and disposable income changes by $10 million (you may assume that this change is due entirely to a change in transitory income), by how much will consumption change?
marginal airlines runs 10 flights per day at a total cost of $50,000, including $35,000 in fixed costs for airport fees and the reservation system and $15,000 for flight crews and food services. If an 11th flight would have 20 passengers, each pay..
She has three credit cards with the following loan balances and APRs: Card 1, $4,500, 21%; Card 2, $5,700, 24%; and Card 3, $3,200, 18%. Interest compounds monthly on all loan balances. A credit card loan consolidation company has captured Mary's ..
A petroleum geologist estimates that the present annual production of 300000 barrels of oil from a group of 10 wells will decrease as follows over a 19 year life: Years 1 - 4, 300000 barrels/year,, Years 5-10, 215000 barrels/year, 11-15, 125000 and..
Suppose that individual demand for a product is given by QD = 1000 - 5P. Marginal revenue is MR = 200 - 0.4Q, and marginal cost is constant at $20. There are no fixed cost. A. The firm is considering a quantity discount. The $120, and further units..
The manufacturer has determined that men value a simple microwave at $70 and one with auto-defrost at $80 while women value a simple microwave at $80 and one with auto-defrost at $150.
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